XAUUSD - KOG REPORT!

KOG Report:

In last weeks KOG Report we said we would stick with the plan and look for lower pricing Gold. We said we’re no convinced with the impulse move and that double bottom doesn’t seem right. We suggested trading level to level on the longs and to look for the higher resistance levels to again look to short the market for the lower levels. We said to look for the 1640-50 region first, not only as a bullish target for the potential short, and above that the 1665 region. As you can see the price tapped into the 1675 price point before then taking a decline, however, not exactly to the level we wanted. We managed to trade this long and short last week giving us a good week’s trading not only on Gold but numerous other pairs. Thank you to those who follow and read the analysis as well as keep up to date with the daily reviews and updates.

So, what can we expect in the week ahead?
Again, we’re going to stick with the same plan. We’re looking for lower pricing on Gold before then going into a long scenario short term. We will however say this, we want to see this put in an early session back test of the low before then going to the upside. We are likely to have a very choppy and ranging start to the week due to FOMC on Wednesday, after which we should see some better price action in Gold. We have the lower support here around the 1635-30 region which if supported we feel would be an opportunity to long the market back up into the 1650-55 price region as the first stop. We wanted to see the price tap into 1685 at some point, so let’s see if we can get that high before we then face resistance to short this again for the lower support pool.

We have a target below which we hope isn’t achieved before we get a good opportunity to short this from higher levels. We’re expecting the coming weeks to spread the range and really cause traders problems. For that reason, we will stick with the level to level on the longs and look higher for the short zone to get a bigger capture.

In summary, nothing has really changed, we’ve traded this all the way down from the highs, taken level to level longs along the way and now we’re drawing towards the end of the year where we will start taking it a little easy on our trading.

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As always, trade safe.

KOG